Shenwan Hongyuan Securities·2025-08-28 08:47Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations despite a decline in oil prices, driven by cost reduction and efficiency improvements [6] - Oil and gas production reached a new high, effectively mitigating the impact of falling oil prices [6] - The company maintains a strong cash flow and a substantial mid-term dividend payout ratio [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 444,457 million, with a year-on-year growth rate of 5.7% [5] - Net profit attributable to shareholders is projected to be 139,927 million for 2025, reflecting a slight increase of 1.4% year-on-year [5] - Earnings per share for 2025 is expected to be 2.94 [5] - The company achieved a gross margin of 51.6% for 2025, with a return on equity (ROE) of 17.0% [5] - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 9X, 8X, and 8X respectively [6]